SRT Marine Systems secures two follow-on contracts

Maritime technology firm SRT Marine Systems has received two follow-on contracts with existing sovereign agency customers in Asia worth a total of $4.6m over the next 12 months.

SRT Marine said on Monday that the contracts covered a 12-month period and provided for the maintenance and support of the clients' current SRT-MDA systems and includes the provision of various support, data and maintenance services, with one of the contracts also including certain existing functionality refinements.

The AIM-listed firm said both customers were situated in "large countries with extensive and complex maritime domains" and were both at the beginning of their journey to digitise maritime surveillance, monitoring and management.

SRT added it anticipates further implementation contracts in the future as its clients enhance and scale their SRT-MDA systems. Discussions were said to already be in progress.

Chief executive Simon Tucker said: "Almost every SRT-MDA System customer we have is at the beginning of a journey to build up and operate national scale capability which we expect to take decades and involve a succession of multiple system expansion and functionality enhancement contracts."

As of 1040 BST, SRT Marine shares had shot up 10.59% to 28.20p.

Reporting by Iain Gilbert at Sharecast.com